Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Form 8594 must also be filed if the purchaser or seller is amending an original or a previously filed supplemental Form.8594 because of an increase or decrease. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. Form 8594 is the Asset Acquisition Statement, which the buyer and seller must complete and submit to the IRS.